The bill proposes revisions to the tax rates for Class Four residential and commercial properties in Montana, specifically amending Section 15-6-134 of the Montana Code Annotated (MCA). Key changes include a reduction in the tax rate for class four residential property from 1.35% to 0.73% of market value, and a new tax rate of 1.23% for the portion of a single-family residential dwelling's market value that exceeds $1.5 million. Additionally, the tax rate for commercial property is also set at 1.23%, down from the previous rate of 1.4 times the residential property tax rate. The bill also clarifies the classification and appraisal process for properties with mixed residential and commercial uses.

Furthermore, the bill introduces provisions for immediate effectiveness upon passage and approval, as well as retroactive applicability to property tax years beginning after December 31, 2024. The language changes include the insertion of "on" in place of "upon" in two instances, and the deletion of previous tax rates in favor of the new rates outlined in the bill. These adjustments aim to streamline the tax structure for property owners while potentially lowering their tax burdens.

Statutes affected:
LC Text: 15-6-134